**Title: Understanding Consumer Surplus and Market Equilibrium****Instructions: Answer the questions below using the provided tables. Ensure to enter your answers as whole numbers.****Tables:**1. **Maximum Price Willing to Pay (Buyers)** | Person | Maximum Price Willing to Pay | |--------|------------------------------| | Bob | $15 | | Barb | $14 | | Bill | $13 | | Bart | $12 | | Brent | $11 | | Betty | $10 |2. **Minimum Acceptable Price (Sellers)** | Person | Minimum Acceptable Price | |----------|--------------------------| | Carlos | $6 | | Courtney | $7 | | Chuck | $8 | | Cindy | $9 | | Craig | $10 | | Chad | $11 |**Questions:**a. **What is the total surplus if Bob buys a unit from Carlos?** - Surplus Calculation: $ \text{Maximum Price Willing to Pay by Bob} - \text{Minimum Acceptable Price by Carlos} $ - $ \$15 - \$6 = \$ \underline{\hspace{2em}} $b. **What is the total surplus if Barb buys a unit from Courtney?** - Surplus Calculation: $ \text{Maximum Price Willing to Pay by Barb} - \text{Minimum Acceptable Price by Courtney} $ - $ \$14 - \$7 = \$ \underline{\hspace{2em}} $c. **What is the total surplus if Bob buys a unit from Chad?** - Surplus Calculation: $ \text{Maximum Price Willing to Pay by Bob} - \text{Minimum Acceptable Price by Chad} $ - $ \$15 - \$11 = \$ \underline{\hspace{2em}} $d. **If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved?** To determine the maximum total surplus: - Pair the buyers and sellers to maximize the difference between the maximum price willing to pay and the minimum acceptable price. - Calculate the surplus for all potential pairs and sum the

The utmost price a buyer will pay for a product is known as their maximum willingness to pay.…

Hook Look at the tables below. Person Bob Barb Bill Bart Brent Betty Maximum Price Willing to Pay $15 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a What is the total surplus if Bob buys a unit from Carlos? b. What is the total surplus if Barb buys a unit from Courtney? S c. What is the total surplus if Bob buys a unit from Chad? Minimum Acceptable Price $6 7 8 9 10 11 d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus than can be achieved?

Hook Look at the tables below. Person Bob Barb Bill Bart Brent Betty Maximum Price Willing to Pay $15 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a What is the total surplus if Bob buys a unit from Carlos? b. What is the total surplus if Barb buys a unit from Courtney? S c. What is the total surplus if Bob buys a unit from Chad? Minimum Acceptable Price $6 7 8 9 10 11 d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus than can be achieved?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Suppose the market for apples are shown in the graph below, Calculate Consumer surplus _____________ and Producers Surplus _________________.
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Look at the tables below. Person Bob Barb Bill Bart Brent Betty $ Maximum Price Willing to Pay $17 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $ b. What is the total surplus if Barb buys a unit from Courtney? $ c. What is the total surplus if Bob buys a unit from Chad? Minimum Acceptable Price $6 7 8 9 10 11 d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved?
Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. OA. increases; increases OB. increases; decreases OC. decreases; increases OD. decreases; decreases In the market for cheese, OA. consumer surplus decreases and producer surplus decreases 60- 50- 40- 30 20- 10- Price (bolivars per gallon) 0 40 $ 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. 100 Price control D Next SOU
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1. Briefly describe 5 things that a firm could do that would reduce the price sensitivity of buyers 2. Briefly explain five reasons why firms may choose prices that are below their profit-maximizingprice 3. List 5 things that could increase demand and 5 things that could increase supply for a typical(normal) good (hint: be specific on the direction of change for each event) 4. Describe 5 consumer decision biases 5. Describe 5 costs from international trade 6. Briefly describe 2 or 3 things that could shift labor demand and 2 or 3 things that could shift laborsupply 7. Explain the implications from the short-run and long-run Phillips curve 8. Briefly describe 5 things that could cause the US dollar to appreciate in value 9. List 5 things that could decrease aggregate demand and 5 things that could decrease the short-runaggregate supply for an economy (hint: be specific on the direction of change for each event) 10. Describe the fiscal and monetary options that could be used to reduce…